Nigeria : Govt offers additional N30 bn to textile sector

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Govt offers additional N30 bn to textile sector

17
Oct '09

President Mr. Umaru Musa Yar' Adua promised the textile sector to provide an additional N30 billion to the N70 billion already announced earlier. He cited this additional fund as Government's commitment towards revitalizing the sick industrial sector of economy, while speaking at the official flag off campaign to patronize Made-in-Nigeria products.

He said the textile industry was shadow of its past glory and the government would take all the possible efforts to revive the industry that offered employment to more than 500,000 people in the past.

He further said that it is essential that this revival fund should be sourced and administrated by the Bank of Industry (BOI).

The Campaign to patronage Made-in-Nigeria products is Federal Government's Strategic initiative to breathe life into industrial sector and to bailout the sector from the effects of meltdown by generating employment for Nigerians.

The campaign is parallel to the efforts of Central Bank of Nigeria (CBN) to ensure that banks in the country should have firm stand despite the current global financial meltdown across the globe, added the President.

Many industries of the country have downed their shutters due to lack of customer support. However, according to the President, Nigerian market is quite big, with over 140 million people and capable of sustaining the industrial sector.

Fibre2fashion News Desk - India

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